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NEW YORK (AP) — U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year. The S&P 500 rose 0.4%, coming off its first losing week in the last four . The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%. Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations. The technology company is riding a wave of enthusiasm about its artificial-intelligence offerings in particular. The market’s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%. The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting. For now, the general expectation among traders is that the Fed may cut a couple more times in 2025, according to data from CME Group. But such expectations have been shrinking following reports suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month’s slight acceleration in inflation, another worry is that President-elect Donald Trump’s preferences for tariffs and other policies could lead to higher inflation down the line. Goldman Sachs economist David Mericle has dropped his earlier forecast of a cut by the Fed in January, for example. Beyond the possibility of tariffs, he said Fed officials may also want to slow their cuts because of uncertainty about exactly how low rates need to go so that they no longer press the brakes on the economy. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium . The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago. On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin , which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin’s price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk. The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index. Bitcoin’s price has catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump will create a system that’s more favorable to digital currencies . Honeywell rose 3.7% after saying it’s still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results. They helped offset a drop for Nvidia, whose chips are powering much of the world’s move into AI. Its stock fell 1.7%. Because it’s grown so massive, with a total value topping $3 trillion, it was the single heaviest weight on the S&P 500. All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%. In stock markets abroad, indexes fell modestly across much of Europe and Asia. They sank 0.9% in Hong Kong and 0.2% in Shanghai after China reported lackluster economic indicators for November despite attempts to strengthen the world’s second-largest economy. South Korea’s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him. AP Business Writer Elaine Kurtenbach contributed.Q2 Fiscal 2025 Highlights Reports revenue of $11.5 Million Gross margin increased to 71% from 63% Net loss of $(4.2) million reflects $(4.9) million one-time non-cash lease related impairment charges for right-of-use assets and tenant leasehold improvements Adjusted EBITDA improved by 42% year-over-year due to continued cost controls PHOENIX, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTC Markets: ASPU) ("AGI" or the "Company"), an education technology holding company, today announced financial results for its second quarter fiscal year 2025 ended October 31, 2024. Second Quarter Fiscal Year 2025 Summary Results Three Months Ended October 31, Six Months Ended October 31, $ in millions, except per share data 2024 2023 2024 2023 Revenue $ 11.5 $ 13.8 $ 22.8 $ 28.5 Gross Profit 1 $ 8.1 $ 8.7 $ 15.6 $ 18.5 Gross Margin (%) 1 71 % 63 % 69 % 65 % Operating Income (Loss) $ (4.8 ) $ (0.5 ) $ (5.5 ) $ (0.2 ) Net Income (Loss) Available to Common Stockholders 2 $ (4.2 ) $ (1.6 ) $ (4.4 ) $ (2.3 ) Earnings (Loss) per Share Available to Common Stockholders $ (0.16 ) $ (0.06 ) $ (0.17 ) $ (0.09 ) EBITDA 3 $ (3.0 ) $ 0.4 $ (1.9 ) $ 1.8 Adjusted EBITDA 3 $ 1.5 $ 1.1 $ 2.0 $ 3.0 _______________________ 1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.5 million and $0.5 million, and $0.9 million and $1.0 million for the three and six months ended October 31, 2024 and 2023, respectively. 2 Net income (loss) in fiscal Q2 2025 and year-to-date fiscal 2025 includes a noncash impairment charge of $(4.9) million. Additionally, fiscal Q2 2025 and year-to-date fiscal 2025 contain a non-cash gain of $1.1 million and $1.9 million, respectively, related to the change in the fair value of put warrant liability. See further explanation on page 2. 3 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP – Financial Measures" starting on page 5. "We made significant strides toward stabilizing our revenue in the second quarter of fiscal 2025 while achieving positive cash flow through disciplined cost management," said Michael Mathews, Chairman and CEO of AGI. "Despite maintaining a disciplined marketing spend, we achieved notable improvements in our financial performance, particularly gross margin. Our gross margin expanded primarily due to the lower instructional costs from completing the AU Pre-licensure BSN program teach-out and increased efficiencies in USU's instructional operations. Additionally, restructuring efforts reduced general and administrative expenses by 14% year-over-year. While our net loss was impacted by a one-time, noncash leasehold impairment charge, the lower instructional costs and expense reduction initiatives in the second quarter collectively drove a 42% year-over-year improvement in Adjusted EBITDA for the quarter and delivered modest year-to-date positive cash from operations." Mr. Mathews concluded, "As of the filing of our quarterly report for the first quarter fiscal year 2025 with OTC Market, AGI is now fully compliant with the QB listing requirements. We have recently begun the process to resume trading on the OTCQB." Fiscal Q2 2025 Financial and Operational Results (compared to Fiscal Q2 2024) Revenue decreased by 17% to $11.5 million compared to $13.8 million. The following table presents the Company's revenue, both per-subsidiary and total: Three Months Ended October 31, 2024 $ Change % Change 2023 AU $ 4,773,693 $ (2,519,431 ) (35)% $ 7,293,124 USU 6,686,086 150,363 2% 6,535,723 Revenue $ 11,459,779 $ (2,369,068 ) (17)% $ 13,828,847 Aspen University's ("AU") revenue decline of $2.5 million, or 35%, reflects the completion of the teach-out of the pre-licensure program and lower post-licensure enrollments in prior quarters as a result of the decrease in marketing spend initiated in late Fiscal Q1 2023. The active student body at AU decreased by 33% year-over-year to 3,827 at October 31, 2024 from 5,679 at October 31, 2023. United States University ("USU") revenue was up 2% compared to the prior period. MSN-FNP program enrollments decreased in the quarter due to lower marketing spend initiated in late Fiscal Q1 2023. Lower enrollments were offset by higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations, and by tuition increases. The active student body at USU decreased by 6% to 2,560 at October 31, 2024 from 2,733 at October 31, 2023. GAAP gross profit decreased 7% to $8.1 million compared to $8.7 million primarily due to the overall student body decrease of 24%. Gross margin was 71% compared to 63%. AU's gross margin was 67% versus 61%, and USU's gross margin was 74% versus 67%. The increase in gross margin is the result of lower instructional costs from completing the AU Pre-licensure BSN program teach-out, increased efficiencies in USU's instructional operations and lower marketing spend. AU instructional costs and services represented 26% of AU revenue, and USU instructional costs and services represented 23% of USU revenue. AU marketing and promotional costs represented 1% of AU revenue, and USU marketing and promotional costs represented 1% of USU revenue. In Fiscal Q2 2025 and year-to-date Fiscal 2025, our bottom line was materially impacted by a $4.9 million non-cash right-of-use assets and tenant leasehold improvements impairment charge. The charge is the result of the fact that AU is no longer able to utilize space for BSN Pre-licensure operations due to the completion of the teach-out. The charge represents the entirety of the remaining impairment exposure due to the teach-out. The impact of the charge to our operating expenses, net loss and EBITDA is presented in the following table: Three Months Ended October 31, Six Months Ended October 31, 2024 $ Change % Change 2023 2024 $ Change % Change 2023 Impairments of right-of-use assets and tenant leasehold improvements $ 4,937,154 $ 4,937,154 NM $ — $ 4,937,154 $ 4,937,154 NM $ — _____________________ NM – Not meaningful The following tables present the Company's net income (loss), both per subsidiary and total: Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USU Net income (loss) available to common stockholders $ (4,153,422 ) $ (935,442 ) $ (5,350,264 ) $ 2,132,284 Net loss per share available to common stockholders $ (0.16 ) Three Months Ended October 31, 2023 Consolidated AGI Corporate AU USU Net income (loss) available to common stockholders $ (1,611,813 ) $ (3,807,821 ) $ 581,707 $ 1,614,301 Net loss per share available to common stockholders $ (0.06 ) The following tables present the Company's Non-GAAP Financial Measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP – Financial Measures" starting on page 5. Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USU EBITDA $(2,962,755) $(496,585) $(4,747,931) $2,281,761 EBITDA Margin (26)% NM (99)% 34% Adjusted EBITDA $1,549,020 $(1,478,554) $515,798 $2,511,776 Adjusted EBITDA Margin 14% NM 11% 38% Three Months Ended October 31, 2023 Consolidated AGI Corporate AU USU EBITDA $419,073 $(2,680,982) $1,339,102 $1,760,953 EBITDA Margin 3% NM 18% 27% Adjusted EBITDA $1,087,205 $(2,487,843) $1,585,674 $1,989,374 Adjusted EBITDA Margin 8% NM 22% 30% Adjusted EBITDA improved by $0.5 million due to the reduction in instructional costs and services related to the teach-out of the pre-licensure program, increased instructional efficiencies at USU and a decrease in general and administrative costs attributed to our restructurings. Operating Metrics New Student Enrollments Total enrollments for AGI decreased 30% from Fiscal Q2 2024 but increased 15% sequentially, despite the reduction in internet advertising spend across all programs to maintenance levels. The sequential increase in enrollments reflected an unusually strong month of August as prospective students enrolled prior to an annual tuition increase which took effect in September 2024. New student enrollments at AU decreased 37% year-over-year and at USU decreased 19% year-over-year. The new student enrollment decrease year-over-year was primarily impacted by our reduction in marketing spend. We anticipate the resumption of marketing spend in late Fiscal 2025 at a level necessary to provide enrollments needed to grow the student body and allow for the generation of positive operating cash flow. New student enrollments for the past five quarters are shown below: Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Aspen University 808 473 427 413 508 USU 548 325 370 410 442 Total 1,356 798 797 823 950 Total Active Student Body AGI's active degree-seeking student body, including AU and USU, declined 24% year-over-year to 6,387 at October 31, 2024 from 8,412 at October 31, 2023. AU's total active student body decreased by 33% year-over-year to 3,827 at October 31, 2024 from 5,679 at October 31, 2023. On a year-over-year basis, USU's total active student body decreased by 6% to 2,560 at October 31, 2024 from 2,733 at October 31, 2023. Total active student body for the past five quarters is shown below: Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Aspen University 5,679 5,146 4,559 4,145 3,827 USU 2,733 2,503 2,489 2,477 2,560 Total 8,412 7,649 7,048 6,622 6,387 Nursing Students Nursing student body for the past five quarters is shown below . Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Aspen University 4,470 4,032 3,526 3,198 2,948 USU 2,432 2,270 2,262 2,254 2,300 Total 6,902 6,302 5,788 5,452 5,248 Liquidity The Fiscal Q2 2025 ending unrestricted cash balance was $0.8 million. The following three factors will help us continue to stabilize operating cash flow in the second half of Fiscal 2025. First, effective August 16, 2024, AU transitioned from the Heightened Cash Monitoring 2 (HCM2) to the Heightened Cash Monitoring 1 (HCM1) method of receiving student financial aid payments from the U.S Department of Education. This transition allows AU to disburse student financial aid using institutional funds and immediately draw down reimbursement by submitting disbursement records, eliminating payment delays and resulting in more consistent unrestricted cash balances. Second, we renegotiated the 15% Senior Secured Debentures in November 2024, reducing ongoing principal payments and changing the timing of principal payments from monthly to quarterly. Finally, the Company initiated a fourth restructuring late in the fourth quarter of calendar 2024, projected to reduce annual operating expenses by over $1.5 million. Cost reductions associated with the four restructuring plans and other corporate cost reductions were implemented to ensure that the company will have sufficient cash to meet its working capital needs for the next 12 months. Non-GAAP – Financial Measures This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP. Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below. We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each. AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; (3) severance; (4) impairments of right-of-use assets and tenant leasehold improvements and (5) non-recurring (income) charges. The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin: Three Months Ended October 31, 2024 2023 Net loss $ (4,146,365 ) $ (1,611,813 ) Interest expense, net 342,490 1,040,720 Taxes 46,225 40,076 Depreciation and amortization 794,895 950,090 EBITDA (2,962,755 ) 419,073 Bad debt expense 450,000 450,000 Stock-based compensation 98,245 218,132 Severance 35,522 — Impairments of right-of-use assets and tenant leasehold improvements 4,937,154 — Non-recurring income - Other (1,009,146 ) — Adjusted EBITDA $ 1,549,020 $ 1,087,205 Net income / loss Margin (36 )% (12 )% Adjusted EBITDA Margin 14 % 8 % The following tables present a reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA and of Net income (loss) margin to the Adjusted EBITDA margin by business unit: Three Months Ended October 31, 2024 Consolidated AGI Corporate AU USU Net income (loss) $ (4,146,365 ) $ (928,386 ) $ (5,350,264 ) $ 2,132,285 Interest expense, net 342,490 342,490 — — Taxes 46,225 15,479 25,900 4,846 Depreciation and amortization 794,895 73,832 576,433 144,630 EBITDA (2,962,755 ) (496,585 ) (4,747,931 ) 2,281,761 Bad debt expense 450,000 — 225,000 225,000 Stock-based compensation 98,245 94,819 1,954 1,472 Severance 35,522 8,357 23,622 3,543 Impairments of right-of-use assets and tenant leasehold improvements 4,937,154 — 4,937,154 — Non-recurring (income) charges - Other (1,009,146 ) (1,085,145 ) 75,999 — Adjusted EBITDA $ 1,549,020 $ (1,478,554 ) $ 515,798 $ 2,511,776 Net income (loss) Margin (36)% NM (112)% 32 % Adjusted EBITDA Margin 14 % NM 11 % 38 % ___________________ NM – Not meaningful Three Months Ended October 31, 2023 Consolidated AGI Corporate AU USU Net income (loss) $ (1,611,813 ) $ (3,807,821 ) $ 581,707 $ 1,614,301 Interest expense, net 1,040,720 1,040,720 — — Taxes 40,076 7,997 18,601 13,478 Depreciation and amortization 950,090 78,122 738,794 133,174 EBITDA 419,073 (2,680,982 ) 1,339,102 1,760,953 Bad debt expense 450,000 — 225,000 225,000 Stock-based compensation 218,132 193,139 21,572 3,421 Adjusted EBITDA $ 1,087,205 $ (2,487,843 ) $ 1,585,674 $ 1,989,374 Net income (loss) Margin (12)% NM 8 % 25 % Adjusted EBITDA Margin 8 % NM 22 % 30 % Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the impact of our operating and debt restructurings, results of our resumption of marketing spend, and our liquidity. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements include, without limitation, the impact from our fourth restructuring plan, the effectiveness of our future marketing, our ability to sublease our remaining leases other than our executive offices and necessary space used by AU and USU, the continued high demand for nurses for our new programs and in general, student attrition, national and local economic factors including the labor market shortages, and competition from other online universities including the competitive impact from the trend of major non-profit universities using online education. . We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. About Aspen Group, Inc. Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. Investor Relations Contact Kim Rogers Managing Director Hayden IR 385-831-7337 Kim@HaydenIR.com GAAP Financial Statements ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS October 31, 2024 April 30, 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 827,780 $ 1,531,425 Restricted cash 338,002 1,088,002 Accounts receivable, net of allowance of $5,436,207 and $4,560,378, respectively 18,463,099 19,686,527 Prepaid expenses 674,081 502,751 Other current assets 986,357 1,785,621 Total current assets 21,289,319 24,594,326 Property and equipment: Computer equipment and hardware 888,566 886,152 Furniture and fixtures 1,974,271 1,974,271 Leasehold improvements 4,594,239 6,553,314 Instructional equipment 529,299 529,299 Software 9,347,651 8,784,996 17,334,026 18,728,032 Less: accumulated depreciation and amortization (10,348,986 ) (9,542,520 ) Total property and equipment, net 6,985,040 9,185,512 Goodwill 5,011,432 5,011,432 Intangible assets, net 7,900,000 7,900,000 Courseware and accreditation, net 333,120 363,975 Long-term contractual accounts receivable 18,619,202 17,533,030 Operating lease right-of-use assets, net 5,512,553 10,639,838 Deposits and other assets 693,193 718,888 Total assets $ 66,343,859 $ 75,947,001 ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) October 31, 2024 April 30, 2024 (Unaudited) Liabilities and Stockholders' Equity Liabilities: Current liabilities: Accounts payable $ 1,238,506 $ 2,311,360 Accrued expenses 3,311,273 2,880,478 Advances on tuition 2,166,683 2,030,501 Deferred tuition 3,780,213 4,881,546 Due to students 2,293,614 2,558,492 Current portion of long-term debt 2,000,000 2,284,264 Operating lease obligations, current portion 2,498,289 2,608,534 Other current liabilities 511,449 86,495 Total current liabilities 17,800,027 19,641,670 Long-term debt, net 6,184,328 6,776,506 Operating lease obligations, less current portion 13,760,114 14,999,687 Put warrants liabilities 58,461 1,964,593 Other long-term liabilities 287,930 287,930 Total liabilities 38,090,860 43,670,386 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value; 1,000,000 shares authorized, 10,000 issued and 10,000 outstanding at October 31, 2024 and April 30, 2024 10 10 Common stock, $0.001 par value; 85,000 shares authorized, 26,959,681 issued and 26,959,681 outstanding at October 31, 2024 25,701,603 issued and 25,701,603 outstanding at April 30, 2024 26,960 25,702 Additional paid-in capital 122,170,403 121,921,048 Accumulated deficit (93,944,374 ) (89,670,145 ) Total stockholders' equity 28,252,999 32,276,615 Total liabilities and stockholders' equity $ 66,343,859 $ 75,947,001 ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue $ 11,459,779 $ 13,828,847 $ 22,788,616 $ 28,468,719 Operating expenses: Cost of revenue (exclusive of depreciation and amortization shown separately below) 2,885,895 4,584,193 6,233,120 8,977,048 General and administrative 7,237,555 8,371,546 14,564,889 16,842,424 Impairments of right-of-use assets and tenant leasehold improvements 4,937,154 — 4,937,154 — Bad debt expense 450,000 450,000 900,000 900,000 Depreciation and amortization 794,895 950,090 1,614,899 1,913,302 Total operating expenses 16,305,499 14,355,829 28,250,062 28,632,774 Operating loss (4,845,720 ) (526,982 ) (5,461,446 ) (164,055 ) Other income (expense): Interest expense (342,490 ) (1,040,720 ) (689,660 ) (1,977,201 ) Change in fair value of put warrant liability 1,085,145 — 1,906,132 — Other income (expense), net 2,925 (4,035 ) 16,762 14,252 Total other income (expense), net 745,580 (1,044,755 ) 1,233,234 (1,962,949 ) Loss before income taxes (4,100,140 ) (1,571,737 ) (4,228,212 ) (2,127,004 ) Income tax expense 46,225 40,076 46,017 124,247 Net loss (4,146,365 ) (1,611,813 ) (4,274,229 ) (2,251,251 ) Dividends attributable to preferred stock (7,057 ) — (148,209 ) — Net loss available to common stockholders $ (4,153,422 ) $ (1,611,813 ) $ (4,422,438 ) $ (2,251,251 ) Net loss per share - basic and diluted available to common stockholders $ (0.16 ) $ (0.06 ) $ (0.17 ) $ (0.09 ) Weighted average number of common stock outstanding - basic and diluted 26,692,457 25,548,046 26,308,766 25,557,646 ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended October 31, 2024 2023 (Unaudited) (Unaudited) Cash flows from operating activities: Net loss $ (4,274,229 ) $ (2,251,251 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Bad debt expense 900,000 900,000 Depreciation and amortization 1,614,899 1,913,302 Stock-based compensation 190,836 305,581 Change in fair value of put warrant liability (1,906,132 ) — Amortization of warrant-based cost 7,000 14,000 Amortization of debt issuance costs — 156,020 Amortization of debt discounts — 193,020 Non-cash lease benefit 107,696 (399,201 ) Impairments of right-of-use assets and tenant leasehold improvements 4,937,154 — Changes in operating assets and liabilities: Accounts receivable (762,744 ) (5,763,185 ) Prepaid expenses (171,330 ) (19,140 ) Other current assets 799,264 (1,852,817 ) Deposits and other assets 25,695 (384,030 ) Accounts payable (1,072,854 ) 665,283 Accrued expenses 430,795 565,915 Due to students (264,878 ) (89,095 ) Advances on tuition and deferred tuition (965,151 ) 1,272,532 Other current liabilities 424,954 578,940 Net cash provided by (used in) operating activities 20,975 (4,194,126 ) Cash flows from investing activities: Purchases of courseware and accreditation (33,110 ) (120,863 ) Purchases of property and equipment (565,068 ) (558,565 ) Net cash used in investing activities (598,178 ) (679,428 ) Cash flows from financing activities: Repayment of portion of 15% Senior Secured Debentures (721,066 ) (100,000 ) Proceeds from 15% Senior Secured Debentures, net of original issuance discount and fees — 10,451,080 Repayment of 2018 Credit Facility — (5,000,000 ) Payments of debt issuance costs (155,376 ) (195,661 ) Net cash (used in) provided by financing activities (876,442 ) 5,155,419 ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Unaudited) Six Months Ended October 31, 2024 2023 (Unaudited) (Unaudited) Net (decrease) increase in cash, cash equivalents and restricted cash $ (1,453,645 ) $ 281,865 Cash, cash equivalents and restricted cash at beginning of period 2,619,427 5,724,467 Cash, cash equivalents and restricted cash at end of period $ 1,165,782 $ 6,006,332 Supplemental disclosure of cash flow information: Cash paid for interest $ 689,660 $ 1,639,701 Cash paid for income taxes $ 46,017 $ 24,525 Supplemental disclosure of non-cash investing and financing activities: Accrued dividends $ 148,209 $ — Relative fair value of warrants issued as part of the 15% Senior Secured Debentures $ — 154,000 The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows: October 31, 2024 2023 (Unaudited) (Unaudited) Cash and cash equivalents $ 827,780 $ 1,906,332 Restricted cash 338,002 4,100,000 Total cash, cash equivalents and restricted cash $ 1,165,782 $ 6,006,332 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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NEW ROCHELLE, N.Y. (AP) — Dejour Reaves scored 19 points as Iona beat Saint Peter's 72-63 on Sunday. Reaves had four steals for the Gaels (3-8, 1-1 Metro Atlantic Athletic Conference). James Patterson scored 18 points and added 11 rebounds and three steals. Adam Njie shot 5 of 13 from the field, including 1 for 5 from 3-point range, and went 5 for 7 from the line to finish with 16 points. Marcus Randolph led the Peacocks (4-5, 0-2) in scoring, finishing with 29 points. Armoni Zeigler added 11 points and six rebounds for Saint Peter's. Stephon Roberts had eight points. Iona takes on Colgate on the road on Sunday, and Saint Peter's hosts Delaware on Friday. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Syria’s embassy in Lebanon suspends services as Lebanon hands over former Syrian army officers

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BARCELONA, Spain (AP) — Celta Vigo gave 10-man Barcelona a shock by scoring two late goals and snatching a 2-2 draw at home in the Spanish league on Saturday. Barcelona was minutes away from a win to pad its league lead after Raphinha and Lewandowski had put Barcelona ahead. But the game dramatically swung after Barcelona defensive midfielder Marc Casadó was sent off with a second booking in the 81st. Moments later Jules Koundé’s poor control of a ball in his area allowed Alfon González to pick his pocket and give the hosts hope in the 84th minute. Celta poured forward at Balaidos Stadium and Hugo Álvarez rifled in the 86th-minute equalizer with Barcelona unable to mark the extra man. Barcelona coach Hansi Flick, however, said that he saw it coming since his team had never been able to establish its passing game and was making mistakes even when up 2-0. “It was not only the 10 last minutes, it was the whole match. We played today a really bad game,” Flick said. “The passing game for us was bad. We made a lot of mistakes and at the end we had no confidence with the ball.” This was Barcelona's second straight stumble since Lamine Yamal was sidelined with a right-ankle injury. Barcelona lost 1-0 at Real Sociedad without Yamal before the international break. Barcelona is seven points ahead of third-place Real Madrid, which has played two fewer games. Koundé accepted the blame for what he called his “gross mistake” that helped give Celta hope. “We didn’t do what we needed to all game, and at the end they made us pay,” Koundé said. “It starts with me. I can’t lose my focus like that. It was a gross mistake that can’t happen. I accept that it was my fault.” The late rally by Celta came after Raphinha had led Barcelona as he filled in for Yamal on the right side of the front three. Raphinha opened the scoring in the 15th when he ran onto a long pass by Koundé that bounced over left back Óscar Mingueza, cut back to his left foot and fired home. Lewandowski doubled the lead in the 61st after Raphinha intercepted a pass by Minqueza and set up his strike partner. The Poland striker scrambled the ball past two defenders before slotting beyond Vicente Guaita. Lewandowski took his league-leading tally to 15 goals in 14 rounds, while Raphinha has added eight league goals. Raphinha came close to a second goal that would have made it 3-0 when he hit the post in the 77th, just moments before the wild final stretch when it all crumbled for the visitors. “We have to learn from this. This can’t happen just because we had a player sent off. But onto the next game,” said Gavi Páez, who started his first match since returning from a serious leg injury last season. Antoine Griezmann converted a late penalty to equalize and Alexander Sorloth struck an 86th-minute winner to give Atletico Madrid a 2-1 win at home over Alaves. The comeback victory lifted Atletico into second place — five points behind Barcelona. Coach Diego Simeone showed his sensitive side after the match when he choked up when speaking about this love for the team he has coached for nearly 13 years. Valencia played its first home game since last month’s devastating floods that killed over 200 people in eastern Spain. The club honored the victims before kickoff when several fans were seen to cry during the ceremony. Hugo Duro led the 4-2 win over Real Betis by scoring a double. Girona routed Espanyol 4-1 in a Catalan regional derby with Bojan Miovski’s first two goals since joining the club. Mallorca forward Johan Mojica scored off a set piece from a free kick inside Las Palmas' area to complete a 3-2 win for the visitors in injury time. AP soccer: https://apnews.com/hub/soccerSyria’s embassy in Lebanon suspended consular services Saturday, a day after two relatives of were arrested at the Beirut airport with allegedly forged passports. Also on Saturday, Lebanese authorities handed over dozens of Syrians — including former officers in the Syrian army under Assad — to the new Syrian authorities after they were caught illegally entering Lebanon, a war monitor and Lebanese officials said. The embassy announced on its Facebook page that consular work was suspended “until further notice” at the order of the Syrian foreign ministry. The announcement did not give a reason for the suspension. Two Lebanese security officials, who spoke on condition of anonymity because they were not authorized to speak publicly, said the suspension was ordered because the at the embassy. Assad’s uncle, Rifaat Assad — who has been indicted in Switzerland on charges of war crimes and crimes against humanity — had flown out the day before on his real passport and was not stopped, the officials said. The U.K.-based Syrian Observatory for Human Rights reported Saturday that 70 Syrians, including former army officers, were handed over by a Lebanese security delegation to the security forces of the new Syrian government, led by the former insurgent group Hayat Tahrir al-Sham, or HTS. Three Lebanese judicial officials, speaking on condition of anonymity, confirmed the report. Regional countries have been quick to establish ties with Syria’s new rulers. Delegations of Libyan and Bahraini officials arrived in Damascus on Saturday on official visits. HTS leader Ahmad al-Sharaa, formerly known as Abu Mohammed al-Golani, has largely succeeded in calming fears within and outside of Syria that his group would unleash collective punishment against communities that supported Assad’s rule or attempt to impose strict Islamic law on the country’s religious minorities. However, in recent days, sporadic clashes have broken out between the HTS-led security forces and pro-Assad armed groups. The country’s new security forces have launched a series of raids targeting officials affiliated with Assad and have set up checkpoints in areas with significant populations of the Alawite religious minority to which the former president belongs to search for weapons. There have also been ongoing tensions and clashes in northeastern Syria between Kurdish-led forces and armed groups backed by Turkey. Many Kurds have viewed the new order in Damascus, which appears to have strengthened Turkey’s hand in Syria, with anxiety. Ankara sees the Kurdish-led Syrian Democratic Forces — a key U.S. ally in the fight against the Islamic State group — as an affiliate of its sworn enemy, the Kurdistan Workers’ Party, or PKK, which it classifies as a terrorist organization. The U.S. State Department said Saturday that Secretary of State Antony Blinken had spoken with Turkish Foreign Minister Hakan Fidan to “discuss the latest developments in Syria.” “Secretary Blinken emphasized the need to support a Syrian-led and Syrian-owned political process that upholds human rights and prioritizes an inclusive and representative government,” the statement said, adding that they “also discussed the shared goal of preventing terrorism from endangering the security” of Turkey and Syria. On Saturday, hundreds of protesters convened by Kurdish women’s groups participated in a demonstration in the northeastern city of Hasaka to demand women’s rights in the new Syria. Perishan Ramadan, a participant from Hasaka, said the new government “is worse than Bashar” and that its leaders are Islamist extremists who “don’t accept any role for women.” While the country’s new leaders have not attempted to impose Islamic dress or other conventions, it remains to be seen what role women will have in the new order and whether they will hold political or government positions. “Women must be present in the new constitution for Syria,” said Rihan Loqo, spokeswoman for the Kongra Star women’s organization. “... Women’s rights should not be ignored.” ___

HistoSonics Edison® Histotripsy System behandelt erste Patienten mit Bauchspeicheldrüsentumoren in GANNON-StudieThe New England Patriots (3-12) host the Los Angeles Chargers (9-6) on Saturday, December 28, 2024 at Gillette Stadium and will look to halt a five-game losing streak. What channel is Chargers vs. Patriots on? What time is Chargers vs. Patriots? The Chargers and the Patriots play at 1 p.m. ET. NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more. Chargers vs. Patriots betting odds, lines, spread Chargers vs. Patriots recent matchups Chargers schedule Patriots schedule NFL week 17 schedule This content was created for Gannett using technology provided by Data Skrive.Lucrotec, LLC Ranked Number 204 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500TM

iShares Currency Hedged MSCI Canada ETF (NYSEARCA:HEWC) Trading 0.1% Higher – Time to Buy?BEIRUT (AP) — Syria’s embassy in Lebanon suspended consular services Saturday, a day after two relatives of were arrested at the Beirut airport with allegedly forged passports. Also on Saturday, Lebanese authorities handed over dozens of Syrians — including former officers in the Syrian army under Assad — to the new Syrian authorities after they were caught illegally entering Lebanon, a war monitor and Lebanese officials said. The embassy announced on its Facebook page that consular work was suspended “until further notice” at the order of the Syrian foreign ministry. The announcement did not give a reason for the suspension. Two Lebanese security officials, who spoke on condition of anonymity because they were not authorized to speak publicly, said the suspension was ordered because the at the embassy. Assad’s uncle, Rifaat Assad — who has been indicted in Switzerland on charges of war crimes and crimes against humanity — had flown out the day before on his real passport and was not stopped, the officials said. The U.K.-based Syrian Observatory for Human Rights reported Saturday that 70 Syrians, including former army officers, were handed over by a Lebanese security delegation to the security forces of the new Syrian government, led by the former insurgent group Hayat Tahrir al-Sham, or HTS. Three Lebanese judicial officials, speaking on condition of anonymity, confirmed the report. Regional countries have been quick to establish ties with Syria’s new rulers. Delegations of Libyan and Bahraini officials arrived in Damascus on Saturday on official visits. HTS leader Ahmad al-Sharaa, formerly known as Abu Mohammed al-Golani, has largely succeeded in calming fears within and outside of Syria that his group would unleash collective punishment against communities that supported Assad’s rule or attempt to impose strict Islamic law on the country’s religious minorities. However, in recent days, sporadic clashes have broken out between the HTS-led security forces and pro-Assad armed groups. The country’s new security forces have launched a series of raids targeting officials affiliated with Assad and have set up checkpoints in areas with significant populations of the Alawite religious minority to which the former president belongs to search for weapons. There have also been ongoing tensions and clashes in northeastern Syria between Kurdish-led forces and armed groups backed by Turkey. Many Kurds have viewed the new order in Damascus, which appears to have strengthened Turkey’s hand in Syria, with anxiety. Ankara sees the Kurdish-led Syrian Democratic Forces — a key U.S. ally in the fight against the Islamic State group — as an affiliate of its sworn enemy, the Kurdistan Workers’ Party, or PKK, which it classifies as a terrorist organization. The U.S. State Department said Saturday that Secretary of State Antony Blinken had spoken with Turkish Foreign Minister Hakan Fidan to “discuss the latest developments in Syria.” “Secretary Blinken emphasized the need to support a Syrian-led and Syrian-owned political process that upholds human rights and prioritizes an inclusive and representative government,” the statement said, adding that they “also discussed the shared goal of preventing terrorism from endangering the security” of Turkey and Syria. On Saturday, hundreds of protesters convened by Kurdish women’s groups participated in a demonstration in the northeastern city of Hasaka to demand women’s rights in the new Syria. Perishan Ramadan, a participant from Hasaka, said the new government “is worse than Bashar” and that its leaders are Islamist extremists who “don’t accept any role for women.” While the country’s new leaders have not attempted to impose Islamic dress or other conventions, it remains to be seen what role women will have in the new order and whether they will hold political or government positions. "Women must be present in the new constitution for Syria,” said Rihan Loqo, spokeswoman for the Kongra Star women’s organization. "... Women’s rights should not be ignored.” ___ Associated Press writers Hogir Abdo in Hasaka, Syria, and Ellen Knickmeyer in Washington contributed to this report. Abby Sewell, The Associated Press

London-based AV integrator Tateside has invested in Neowit, as it aims to lead the wider adoption of smart workspace analytics in the UK. The Norway-based software developer’s brand-agnostic smart office and meeting room platform takes data from devices such as videoconferencing bars, room occupancy sensors, desk sensors, lighting and thermostats to collect insights on the frequency of use and average occupancy of meeting rooms and wider office spaces. Tateside was one of the first integrators in the UK to adopt this technology and has installed the solution in the headquarters of several UK companies, including that of a Formula 1 team. Valuable asset The company said Neowit had proved to be a valuable asset for clients interested in implementing a more data-driven approach to office design and management. Jack Cornish, Tateside's technical director, said: “Through our implementation of Neowit as part of the overall AV integration we offer, our clients are able to better understand how their workforce prefers to use the space. “In a post-pandemic world, it’s been a struggle to get people back into the office, and visualising trends of work through data helps companies make informed decisions on how to best engage and encourage a productive and happy workforce. “Neowit also provides both live data and, importantly, historical trends – something our clients haven’t had access to before.” As companies work to meet environmental, social and governance standards, including creating suitable workspaces for employees, Tateside’s investment in Neowit's technology positions it as a forward-thinking provider. 'Increased efficiency' “Ensuring correct usage and capacity is important to companies, while co-working spaces can greatly benefit from implementing Neowit to increase efficiency and potential turnover,” said Cornish. “People across the industry are aware that these challenges exist in modern meeting spaces – Neowit provides the hard data to confirm these suspicions and justify actionable changes.”